Financial statement 2024

Income statement

INCOME STATEMENT

(Amounts in NOK 1 000 000)	Note	2024	2023
Interest income from assets measured at amortised cost		19 557	15 411
Interest income from assets measured at fair value		7 375	6 933
Total interest income		26 931	22 345
Interest expense		24 678	20 240
Net interest income	1	2 253	2 105
Fees and commission expenses	2	125	126
Net gain/(loss) on financial instruments	3	157	212
Increased/(reduced) provision for expected credit loss	14	(9)	(10)
Total other operating income		41	96
Salaries and administrative expenses	4,5	221	190
Depreciation of fixed and intangible assets		48	43
Other operating expenses	7	115	92
Total operating expenses		383	325
Profit before tax		1 911	1 876
Income tax	6	437	444
Profit for the year		1 474	1 432
Portion allocated to shareholder		1 312	1 301
Portion allocated to owners of additional Tier 1 capital		162	131

STATEMENT OF COMPREHENSIVE INCOME

(Amounts in NOK 1 000 000)	Note	2024	2023
Profit for the year		1 474	1 432
Other comprehensive income
Items which will not be reclassified to profit or loss
Change in fair value of liabilities due to changes in own credit risk	18	(305)	484
Actuarial gain/(loss) on pension liability		11	(8)
Tax		73	(119)
Total other comprehensive income		(220)	357
Total comprehensive income for the year		1 254	1 789
Portion allocated to shareholder		1 091	1 658
Portion allocated to owners of additional Tier 1 capital		162	131

Statement of financial position

(Amounts in NOK 1 000 000)	Note	2024	2023
Assets
Deposits with credit institutions	8,10,12,20	37 787	36 601
Loans to customers	8,9,10,13	367 495	352 226
Commercial paper and bonds	8,9,10,11,15	139 971	114 344
Hereof commercial paper and bonds lent	15	7 688	0
Financial derivatives	8,9,10,11,19,20	20 133	16 505
Deferred tax asset	6	1 954	2 318
Other assets	16	303	210
Total assets		567 644	522 203
Liabilities and equity
Due to credit institutions	8,10,17,20	17 539	5 232
Commercial paper issued	8,10,18	26 713	41 318
Debt securities issued	8,9,10,11,18	472 917	424 593
Financial derivatives	8,9,10,11,19,20	27 443	28 505
Other liabilities	16	177	76
Pension commitments	5	11	25
Subordinated loan capital	8,9,10,11	769	770
Total liabilities		545 569	500 520
Share capital	22	3 895	3 895
Additional Tier 1 capital	23	3 484	3 484
Other equity		14 696	14 305
Total equity		22 075	21 684
Total liabilities and equity		567 644	522 203

Oslo, 13 March 2025

The Board of Directors and Chief Executive Officer of Kommunalbanken AS

Statement of changes in equity

2024	Note	Share capital	Additional Tier 1 capital	Financial liabilities, changes in own credit risk	Other equity	Total equity
Equity as of 31 December 2023		3 895	3 484	59	14 245	21 684
Profit for the year		0	0	0	1 474	1 474
Other comprehensive income after tax - financial liabilities, changes in own credit risk		0	0	(229)	0	(229)
Other comprehensive income after tax - actuarial gain/loss		0	0	0	8	8
Interest paid on additional Tier 1 capital	23	0	0	0	(162)	(162)
Issuance of additional Tier 1 capital		0	0	0	0	0
Dividends for 2023		0	0	0	(700)	(700)
Equity as of 31 December 2024	22	3 895	3 484	(170)	14 866	22 075

2023	Note	Share capital	Additional Tier 1 capital	Financial liabilities, changes in own credit risk	Other equity	Total equity
Equity as of 31 December 2022		3 895	2 392	(304)	12 920	18 903
Profit for the year		0	0	0	1 432	1 432
Other comprehensive income after tax - financial liabilities, changes in own credit risk		0	0	363	0	363
Other comprehensive income after tax - actuarial gain/loss		0	0	0	(6)	(6)
Interest paid on additional Tier 1 capital	23	0	0	0	(101)	(101)
Dividends for 2022		0	1 093	0	0	1 093
Equity as of 31 December 2023	22	3 895	3 484	59	14 245	21 684

Statement of cash flows

(Amounts in NOK 1 000 000)	2024	2023
Cash flows from operating activities
Interest received	26 751	21 671
Interest paid	(23 392)	(19 068)
Fees and commissions paid	(122)	(129)
Cash payments for operations	(336)	(285)
Paid taxes	0	0
Net disbursement of loans to customers	(15 805)	(25 647)
Net (payment)/disbursement short-term investments	10 686	1 677
Net payment/(disbursement) from purchase/sale of securities	(18 131)	1 936
Net (payment)/disbursement other assets	0	(50)
Net payment/(disbursement) other liabilities	(8)	24
Net (payment)/disbursement financial derivatives	32 142	11 435
Net cash flows from operating activities	11 784	(8 436)
Cash flows from investing activities
Disbursment from sale of fixed assets	(45)	(34)
Net cash flows from investing activities	(45)	(34)
Cash flows from financing activities
Payments on issued commercial paper	132 316	152 355
Repayment of commercial paper issued	(148 789)	(134 845)
Lease payments	(10)	(8)
Payments on issued debt securities	91 909	76 935
Repayment of debt securities issued	(86 499)	(85 790)
Interest Paid on additional Tier 1 capital	(162)	(101)
Dividends paid	(700)	0
Net cash flows from financing activities	(11 935)	8 546
Net cash flows	(196)	76
Adjusment of exchange rate changes	83	29
Net cash flows after effects of exchange rate changes	(113)	105
Cash and cash equivalents at 1 January	356	251
Net changes of cash and cash equivalents	(113)	105
Cash and cash equivalents at 31 December	243	356
Whereof
Deposits with credit institutions without agreed time to maturity	243	356
Due to credit institutions without agreed time to maturity	0	0